Agenda - Council - 06/11/2024 - Laserfiche WebLink

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2. Seller shall have the right, but not the obligation, to either impose a penalty against the Property pursuant to Paragraph 3, or to re-enter and take possession of the Property pursuant to Paragraph 4, in the event that any of the following Conditions are not satisfied by Buyer, excepting therefrom any delays caused by conditions outside of the reasonable control of Buyer: a. Buyer must obtain certificates of occupancy for the construction of forty (40) single family townhomes pursuant to the following schedule: Construction Deadline Schedule: Eight (8) certificates of occupancy within sixteen (16) months after Closing; A total of sixteen (16) certificates of occupancy within twenty-eight (28) months after Closing; A total of twenty-four (24) certificates of occupancy within forty (40) months after Closing; A total of thirty-two (32) certificates of occupancy within fifty-two (52) months of Closing; A total of forty (40) certificates of occupancy within sixty-four (64) months of Closing. Once a certificate of occupancy is issued for a lot comprising part of the Property, the Right of Re -Entry shall automatically be released by the Seller as to such lot. Each total certificate requirement outlined above shall include all certificates of occupancy received during the current deadline period and all prior deadline periods. For instance, if sixteen (16) certificates of occupancy are received within sixteen (16) months after Closing, Buyer shall have no requirement to obtain any additional certificates of occupancy within twenty-eight (28) months after Closing. 3. Seller may impose a separate penalty of $20,000.00 against the Property if the certificate of occupancy is not obtained, for each of the 40 single family homes, pursuant to the deadline set forth above. The penalty is due upon written notice to Buyer from Seller of the failure to satisfy a contingency. In the event the penalty is not paid within 30 days of receipt of the notice, Seller may, but is not required to, certify the penalty to Anoka County as an assessment against the Property. Buyer waives any and all rights under Minnesota Statutes, chapter 429, and any other applicable law, including any right to notice of hearing and hearing, the right to object, and the right to appeal the assessment. Buyer further waives any requirements of the City Charter that may apply to said assessment. 4. As an alternative to imposition of a financial penalty and not in addition thereto, Seller may re-enter and take physical possession of the Property. Title to the Property shall be restored in Seller, and Buyer shall execute whatever documents and undertake whatever steps are necessary to establish and confirm Seller's fee simple interest in the Property free of any claims or encumbrances, including mechanic's liens. Resolution #24-147 Page 5 of 8